How can retirement savings be increased? We explore a unique policy change in the context of the German pension system … these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide …

The role of inherited wealth in modern economies has increasingly become under scrutiny. This study presents one of the … first attempts to shed light on how demographic aging could shape this role. We show that, in the absence of retirement … share of total wealth in a given economy. Thus, aging is not likely to explain a recent surge in this share in some advanced …

wealth is difficult to establish due to many potential sources of endogeneity. Utilizing the Household Finance and … wealth position of the household only through homeownership. For the sample of inheritors we find that the local average … reductions in the net holdings of financial and other real wealth of the treated households …

This paper studies the heterogeneity of the marginal propensity to consume out of wealth based on French household … surveys. This heterogeneity is driven by differences in both wealth composition and wealth levels. We find a decreasing … marginal propensity to consume out of wealth across the wealth distribution for all net wealth components. The marginal …

We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population … of wealth between safe and risky assets: returns are heterogeneous even within asset classes. Third, returns are … positively correlated with wealth: moving from the 10th to the 90th percentile of the financial wealth distribution increases the …

We study the effects of an annuity market imperfection on individual agents' labour supply and retirement decisions and …

advocated policy response is to increase retirement age. Ironically, however, the political support for this policy may actually …) from pension reforms referenda, we show in fact that individuals close to retirement tend to oppose policies that postpone … retirement, whereas young and elderly individuals are more favorable. The current process of population aging, and the associated …

In this paper, we consider how the hours of work and retirement age ought to respond to a change in the uncertainty of … individuals' labor supply and retirement-decisions, the results show that a decrease in the standard deviation of life …-length leads to an increase in the optimal retirement age and a decrease in the hours of work per period spent working. This result …

mortality process. Individual agents choose their optimal retirement age, taking into account the time - and age profiles of … wages, taxes, and the public pension system. The early retirement provision in most pension systems acts as a trap, inducing … most workers to retire well before the normal retirement age. Simulations show that pension reform must be drastic for it …